The Nikkei reports that Toyota Motor plans to slash the cost of the key components of fuel cell cars by more than half for a new model slated to launch in 2020 or later.

While production for of the Mirai, Toyota’s first mass-produced fuel cell model has grown steadily since its introduction in 2014, the car remains pricey at about $63,0000 and has sold only a little more than 5,000 units.

According to the Nikkei report, Toyota plans to reduce the cost of the fuel cell system and other components further after the next-generation model is launched, cutting those costs by three-quarters around 2025.

Toyota targets annual fuel cell vehicle sales of more than 30,000 vehicles globally, including more than 10,000 in Japan.

Toyota is targeting selling more than 5.5 million electrified vehicles in 2030, with at least 1 million coming from zero-emission electric and fuel cell models.

@HarveyD,
Toyota said it would reduce Fuel Cell System cost by 75% by 2025, not Total Mirai auto cost.
The Toyota Mirai which is nothing more than a Camry should cost $23,000. Toyota claims that the FCEV will eventually cost the same as a Hybrid, e.g. Prius or Prius Prime, or $27,000 which would be very good for a FCEV.
One way to cut the Fuel Cell System cost by 50% by 2020 would be to reduce the Fuel Cell to 57 kW (half the Mirai size) and use the Prius Prime 8.8 kWH battery.
Not sure if this brings the Mirai cost down to $27,000 since the current Fuel Cell costs are significantly more expensive than the 1.8L Prius ICE. Probably would bring price down to low $40K range.